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FleetCor Technologies (FLT) |
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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
FleetCor Technologies (NYSE:FLT) provides electronic payment cards to commercial fleets, oil companies, and petroleum marketers. These electronic cards are given to employees which allow them to charge fuel, maintenance, repairs, or other recurring costs directly to the card. These cards allow the management to control their operating expenses. In addition, the company can use the cards to measure productivity, streamline expenses, and combat fraud and misuse of employee spending. As of December 2009, the company had 2.5M commercial cards in operation and served over 530,000 distinct commercial accounts. Throughout 2009, FleetCor processed $14B in purchases across 83,000 locations.[1]
According to Packaged Facts, an independent research firm, the total volume of purchases on commercial cards was $916.5B in 2009. Since 2005, the volume of purchases on commerical cards has increased by a Compounded annual growth rate - CAGR of 8.2%. The market is expected to grow by a CAGR of 10.6% from 2009 to 2014 and reach $1.5T in 2014. This rapid rise is due to increased demand from businesses which require the ability to allow employees to spend company money, but also need to maintain oversight on such expenditures.[2]
The company's initial public offering of stock on the NYSE occurred on December 14, 2010. The company offered 12.7M shares each for $23. This was at the low end of the initial range of $23-$26. The IPO raised $292M from the deal. The lead underwriters of the deal were J P Morgan Chase (JPM) and Goldman Sachs.[3]
FleetCor's net revenues for the fiscal year 2009 ended in December was $354M. This corresponds to an increase of 3.8% over the 2008 figure of $341M. The company's net income for 2009 was $89M. This was 8% lower than the $97M net income figure reported for 2008. FleetCor's net revenues for the first 9 months of 2010 was $327M which is 27% above the net revenue for the same period in 2009.[4]
References
- ↑ FLT S-1/A 2010 PROSPECTUS SUMMARY "Overview" pg 1
- ↑ FLT S-1/A 2010 PROSPECTUS SUMMARY "Industry background" pg 2-3
- ↑ Renaissance Capital - IPO Home "FleetCor prices IPO at $23, low end of the range" 14 Dec 2010
- ↑ FLT S-1/A 2010 PROSPECTUS SUMMARY "Summary consolidated data for FleetCor Technologies, Inc" pg 8
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